Regarding the SPY chart below. three very positive things happened: (1) The descending trendline which defines the bear market was respected as resistance; (2) we slipped back below major Fibonacci support; (3) the ascending trendline from October 13th has been broken for the first time.
The past few trading days in a nutshell, highlighting the Brookings Institute fellatio:
I am staying rather fully positioned; I have taken a FEW nibbles of profit, yielding 6.4% cash, but my situation is:
- 28 long put positions;
- Expirations from February (just 3 of them) through June with average 119 days left;
- 100% of positions profitable;
- Best two percentage profits right now are BAC (92%), and COST (93%)
